SHA:688621

US Fed Rate Hike Pulls Chinese Shares Down; ShenGu Soars 374% on Shanghai Debut

Chinese stocks fell Thursday, tracking Wall Street losses after the U.S. Federal Reserve raised rates under new Chair Kevin Warsh.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.4% lower at 3,875.60. The Shenzhen Component Index dipped 0.3% to 13,409.91.The Fed lifted rates by 25 basis points-the first hike since 2023-and signaled more increases to curb oil-driven inflation, sparking a U.S. sell-off that dented risk appetite in China.In company news, ShenGu Group (SHA:601091) shares closed at 20.80 yuan per share on their first day of trading on Shanghai's Main Board. This marked a 374% jump from the equipment manufacturer's initial public offering price of 4.39 yuan per share.Elsewhere, Beijing Sun-Novo Pharmaceutical Research (SHA:688621) received approval from China's National Medical Products Administration to begin clinical trials for its BTP0427 compound sustained-release capsules.

Beijing Sun-Novo Gets China Regulator's Nod to Trial Heart Failure Drug

Beijing Sun-Novo Pharmaceutical Research (SHA:688621) has received approval from China's National Medical Products Administration to begin clinical trials for its BTP0427 compound sustained-release capsules, according to a Thursday filing to the Shanghai stock exchange.BTP0427 is intended to treat chronic heart failure with reduced ejection fraction.Following approval of the clinical trial, the drug must undergo clinical trials, seek marketing authorization and only be manufactured and marketed after review and approval by the regulator.

Western Securities Starts Beijing Sun-Novo Pharmaceutical Research at Add with 69.59 Yuan Price Target

Chinese Drug Regulator Accepts Sun-Novo Pharma's Application for Kidney Disease Drug's Clinical Trials

China's National Medical Products Administration accepted Beijing Sun-Novo Pharmaceutical Research's (SHA:688621) application for the clinical trials of STC009 injection, according to a Shanghai bourse filing on Saturday.The Chinese pharmaceutical company's shares rose less than 2% at the close of Monday's trade.The drug is being developed as a treatment for secondary hyperparathyroidism.